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The Reserve Bank of Australia on Tuesday maintained its policy settings at today's board meeting, holding rates at the record low of 0.10% and leaving its bond buying programme unchanged.

The central bank also maintained the yield target of 0.10% on government bonds maturing in April 2024, deciding, as expected, against extending the target to the next series maturing in November 2024 ( MNI STATE OF PLAY: RBA Dilemma As Lockdowns Threaten Rebound).

Purchases of other longer dated bonds would continue at AUD5 billion a week until the current programme ends in early September, and then continue at AUD4 billion each week until November when the programme would be reviewed.

In its statement, the RBA said it would maintain a "flexible approach" to bond purchases, which would be reviewed in light of economic conditions and the "health situation."